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UBS Unveils New Management As Credit Suisse Integration Nears Final Stage

Tom Burroughes Group Editor Singapore 30 May 2024

UBS Unveils New Management As Credit Suisse Integration Nears Final Stage

The changes underscore the importance that UBS sees in the Americas and Asia-Pacific markets in terms of growth opportunities.

UBS’s integration of Credit Suisse, following the acquisition last year, is due to finish on 31 May. UBS today announced a series of top-level management changes for Asia-Pacific and the Americas.

As part of the integration, Zurich-listed UBS said in a statement that it is moving to a single “Intermediate Holding Company” in the US in June.

One of the most eye-catching changes is that Iqbal Khan, who is co-president of global wealth management, will also become president of UBS Asia-Pacific as of 1 September. Khan will move to Asia as part of the leadership of GWM – the first time this has happened at UBS, the firm said.

Besides Khan, the bank unveiled changes to its group executive board, subject to final regulatory clearance on 1 July, unless otherwise stated:

Rob Karofsky will become president for UBS Americas and co-president GWM after having led the UBS investment bank as co-president since 2018 and as president since 2021.

Khan and Karofsky will jointly manage GWM across all regions. Besides their new regional roles, they will tap into “the capabilities of the integrated firm across all business divisions,” the bank said.

George Athanasopoulos and Marco Valla will join the group executive board as co-presidents of the investment bank. Athanasopoulos joined UBS in 2010 and has served in senior roles across the investment bank including head of global markets from 2020. He has also been head of global family and institutional wealth since the same date.

Valla, who joined last year as co-head of global banking, has held increasingly senior managerial positions and advised on approximately 300 completed transactions across various industries.

Damian Vogel will be appointed group chief risk officer and join the global executive board. He will be taking over from Christian Bluhm, who agreed to delay his retirement last year to support UBS as the integration took place. Vogel has been at UBS since 2010, serving in roles across global wealth management, personal and corporate banking in the Switzerland region, before becoming chief risk officer for Credit Suisse and group risk control head of integration last year. Bluhm will remain with the firm in an advisory capacity.

Stefan Seiler, head of group human resources and corporate services, will be widening his remit to include group communications and branding, led by Marsha Askins, who will newly report to him.

Ulrich Körner, CEO of Credit Suisse AG, will be stepping down from the group executive board at the end of June after the parent banks have merged, and will retire from UBS later this year.

Edmund Koh, president of UBS Asia-Pacific, will be stepping down from the board, effective 1 September 2024, but will remain at UBS as regional chair for Asia-Pacific.

Naureen Hassan, regional president UBS Americas, has decided to retire from UBS, effective 1 July 2024. Hassan joined UBS in 2022, and played an “instrumental role in positioning our business for growth, including preparation for the transition to a single US Intermediate Holding Company,” UBS said.

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